Nicaragua Authorizes Duty-free Bean Imports

The country is to temporarily allow tax-free imports of beans until November in order to ensure supply.

Orlando Solórzano, Minister for Development, Industry and Commerce (MIFIC), commented that no percentage tax will be applied to bean imports.

The MIFIC minister added that the decree establishes that "imports of beans are free for any person, state institution or private company in order to ensure Nicaragua's supplies," reports Elsalvador.com.

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A decree authorized the duty-free import of basic grains, maize and beans, to ensure supply for the population.

By means of Decree 907, the MAG has been empowered to buy and sell seed and grain, bean and maize and materials for their production, in order to guarantee the price of the product and transfer it at a reasonable cost to the public.

To avoid bean shortages, the country will import around 200,000 sacks from Mexico and Colombia.

Hugo Flores, vice-minister for Agriculture, commented that the purchase of the beans is being carried out as a preventative measure to ensure stocks are sufficient to cope with the possibility of crop failures due to torrential rains.

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